Bigdog puts it to chagrin of the frusted now issue-less Chap Bunga as A bridge to far.

It is too far for Tun Dr Mahathir's propaganda team to reach with only fake news, false fact and spinning without any depth in information and technical capability.

The official statements from IPIC and 1MDB below:

RNS Number : 1128DIPIC GMTN Limited24 April 2017

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International Petroleum Investment Company PJSC (IPIC), Aabar Investments PJS (Aabar), the Minister of Finance (Incorporated) Malaysia (MoF Inc.) and 1Malaysia Development Berhad (1MDB) are pleased to announce that an agreement has been reached between all parties that provides for a settlement in respect to the arbitration proceedings at the London Court of International Arbitration (the Settlement). The agreement is conditional on the Arbitration Tribunal making a consent award by 31 May 2017.

Under the terms of the Settlement, IPIC will receive an amount of US$602,725,000 by 31 July 2017 and a further amount of US$602,725,000 by 31 December 2017.

Separately, 1MDB and MoF Inc., undertake to IPIC to assume responsibility fory all future interest and principal payments under the two bonds issued by 1MDB Group companies that are guaranteed by 1MDB and IPIC; (i) US$1,750,000,000 fixed rate 5.75 per cent. notes due 2022 issued by 1MDB Energy (Langat) Limited and (ii) US$1,750,000,000 fixed rate 5.99 per cent. notes due 2022 issued by 1MDB Energy Limited.

The parties have provided suitable undertakings and indemnities in respect of the performance of obligations under the Settlement.

The parties have also agreed to enter into good faith discussions in relation to payments made by 1MDB Group to certain entities.

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This information is provided by RNS

The company news service from the London Stock Exchange

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Media statement by 1Malaysia Development Berhad
Issued on 24 April 2017

For immediate publicationSettlement of Arbitration Proceedings and Monetisation of Investment Fund Units

We are pleased to confirm that 1MDB and IPIC have agreed on a settlement of the arbitration proceedings at the London Court of International Arbitration.

As per the settlement, 1MDB will, amongst others, make certain payments to IPIC and will assume responsibility for all future interest and principal payments for two bonds issued by 1MDB Group companies due in 2022.

These obligations will be met by 1MDB, primarily via monetisation of 1MDB-owned investment fund units. 1MDB is pleased to confirm that a first tranche monetisation of approximately US$50 million has been received, in cash.

This arbitration settlement and monetisation of investment fund units represents the resolution of a significant challenge, and is a major part of the 1MDB rationalisation plan, which is now at its final stages of conclusion.

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For the Mahathir-parroting Chap Bunga fanatics devoid of any ability to technically understand the financial and legal issues objectively (without political and partisan bias couple with simpleton logic), and stay current with the development on the issue (i.e. not recycling stale and out-dated accusations), do read the link in Lim Sian See blog below:

4 comments:

Anonymous
said...

Its not about the settlement. There shouldn't be any debt in the first place. Najib thought he could get away with it when he started the company without the knowledge of his own cabinet. Alhamdulillah ..Allah is Great. Insyaallah the rakyat will never forget.

Spot on Bro.I would certainly not be an accomplice to Kleptocracy which gave a bad image to my religion, race and Nation. Even the Royal Institutions would not be spared if they're seen as being an accomplice with Cash is King.

The S'pore Biz Times reported it under the byline "Malaysia, Abu Dhabi settle 1MDB-related row. Settlement is conditional on the Arbitration Tribunal making a consent award by end-May 2017" (https://www.businesstimes.com.sg).

The report said, interalia:

"....questions still remain. For one thing, 1MDB said that the obligations will be met by monetising its investment fund units.

"1MDB provided no details on this, but it is well known that its wholly owned Brazen Sky has "fund units" from its controversial investments in Cayman Islands-registered funds that are kept in an account in BSI Singapore - the private bank that was at the centre of the 1MDB scandal. Last year, Singapore regulators ordered to shut down BSI's operations here for breaching anti-money laundering rules and has so far convicted three former BSI private bankers amid its 1MDB funds probe".

So, if BSI Singapore has been shut down, where are the "fund units" that were "kept in an account in BSI Singapore"?

Have these "fund units" been frozen by the Singapore regulators?

If yes, will the Singapore regulators agree to "unfreeze" them?

Note that BSI Singapore's Swiss head office has up to now refused to disclose just how much funds was held in accounts in BSI Singapore and what happened to the funds when the bank was shut down in Singapore. Were the account holders reimbursed in full?

There's a lot more to this story that has not been disclosed. No matter the "spinning" that is now underway.